In the face of a perceived increase in the number of independent contractors, the California Employment Development Department (EDD) has begun a campaign of stricter enforcement of employment tax laws. With EDD conducting more audits of California business’ employment records, business owners and their bookkeepers should be prepared for the… [Read more]
Large Cash Transactions: Your Reporting Responsibilities and Penalties for Failing To File
Businesses who are paid in cash have a responsibility to report payments over $10,000 to IRS using form 8300. Form 8300 is similar in function to a 1099 in that services paid for from one business to another usually generate a 1099, submitted by the company who received the work… [Read more]
Uber is being investigated for tax fraud
Al Capone | Leona Helmsley (AKA the Queen of Mean) | Spiro Agnew | Wesley Snipes (He thought he was Blade) The list of deplorable characters brought down for tax fraud may get another famous name… Uber. The notoriously culture-challenged ride-sharing service is being investigated by IRS for tax evasion… [Read more]
What to Do if You Think You’re the Target of an IRS Criminal Investigation
Whenever you’re contacted by IRS, the first step any business owner should take is to reach out to a qualified Tax Attorney. There are questions a tax attorney can answer for you such as: What kind of an investigation is being conducted? What information is IRS actually asking for? What… [Read more]
You Filed Your Taxes: Now What?
April 15th has passed and, hopefully, you’ve filed your 2018 taxes and can breathe a sigh of relief. Before you lock that filing cabinet, here are a few final steps to ensure your records are up to date. 1: Go old school. Print a copy of your completed tax return… [Read more]
What to Know When Your Client is Facing a Criminal Investigation by the IRS
There are few calls less welcome than a call from the IRS. It could come directly to your accounting office or you might hear from a client after they have been contacted. Either way, you need to take the issue seriously and act carefully because your immediate actions may negatively… [Read more]
An IRS Special Agent Contacted Me (or My Accountant): What Now?
Just the thought of being contacted by the IRS can be enough to make you sweat. Receiving a letter, phone call, or surprise visit from IRS Special Agents can be extremely stressful and frightening. Whether they’ve reached out to you or your accountant, you may be wondering what to do… [Read more]
Which Form Should I Use to Amend My Business Tax Return?
If you’ve made an error on your business’ or organization’s tax return, the federal government requires you to send in an amendment to correct and update your filing. It’s important to make these corrections as soon as you can, in case the IRS audits your business — whether at random,… [Read more]
What To Do If You Couldn’t Pay Your Business Tax On Time
Even if you pay your estimated quarterly taxes every three months, you may still owe more taxes than expected for the full year. In some cases, this happens because your business earned more than you initially estimated it would. While unexpectedly high revenue is usually good news, it may not… [Read more]
What Are Back Taxes and How Do They Affect My Business?
Back taxes occur when business or personal taxes are not filed and paid in full by their due date each year. They continue to accrue interest for as long as they remain unpaid, and many can incur a number of additional penalties as well. Here are some of the serious… [Read more]
